- BNB trades between $600–$700 with rising volume, suggesting a consolidation phase with breakout potential.
- RSI at 53.08 and MACD crossover suggest mild bullish momentum could push BNB toward $680–$720.
- Exchange netflows remain mixed; sustained inflows may lead to downside while outflows could support a price climb.
On May 19, BNB was trading at $638.88 on April 19, a 1.09% drop in the past 24 hours. Weekly losses are at 4.75%, while the monthly gain is at 8.21%. BNB’s market cap fell by 1.06% to $90.03 billion. However, its 24-hour volume rose by 23.50% to $1.69 billion, indicating increased activity despite mild price weakness.
Volume Trends and Consolidation Pattern
The weekly candlestick shows a slight decline with the price opening at $651.54 and closing at $640.19 last week. During the week, the asset reached a high of $653.53 and a low of $633.51, ending with a 1.74% dip.
Volume totaled to 104.82K BNB, indicating slow activity and possible indecision among traders. This pattern aligns with a recent post by “Crypto King” on X, who described BNB’s 1D pattern as a consolidation phase with potential for a breakout.
According to him, one strong move could change the current narrative. BNB has remained within a $600–$700 range following a breakout earlier in 2024.
That breakout followed a lengthy consolidation throughout 2023 after the sharp correction in 2022. Since then, price action has been largely sideways, with buyers and sellers testing both ends of this band.
Technical Indicators Show Mild Bullish Momentum
RSI is at 53.08, trading just above the neutral level of 50. The yellow signal line is at 48.99, hinting at a possible crossover. While the movement is slow, it is slightly bullish, which aligns with current short term momentum.
The MACD line at 1.53, is positioned above the signal line at 1.04, though still below the zero line. The histogram is slightly positive, suggesting bulls may be gaining momentum gradually.
If these conditions persist, buyers could challenge resistance near the $680–$700 zone. However, failure to sustain momentum could see the price test lower support levels near $610.
Exchange Netflows
From April to July, BNB saw over $300 million in net inflows, coinciding with a strong price climb above $600. On the other hand, net outflows from December to February aligned with steady gains from below $400 to over $600.
This movement pointed to possible investor accumulation during that phase. Currently, netflow data shows mild inflows with some irregular outflows. These flows show increased trading activity but lack substantial pressure in either direction.
If net outflows increase again, the reduced exchange supply could support upward movement. However, persistent inflows above $100 million weekly might lead to increased selling and potential downside.
If bullish momentum builds, BNB may climb toward the $680 to $720 range. However, sustained sell pressure could drag it down to $590–$620.
